What changed in this filing

/stocks — the workspaceLOADING

Item 9A. Controls and Procedures

2021-03-30 compared with 2020-03-30 · 237 added, 231 removed, 661 unchanged (41% of the section changed)

79 unchanged sentences

University of Malaysia (UKM) in 1985.

He was the councilor and past chairman of the National ICT Association of Malaysia

He was the councilor and past chairman of the National ICT Association of Malaysia (PIKOM).

He was appointed as the Honorary Chairman of PIKOM and is currently the Advisor of PIKOM.

Additionally, Mr.

Chee Seong is also a National Vice President of SME Association of Malaysia, National President of the Malaysia Cross

Boarder e-Commerce Association and Deputy Chairman of the Financial and Capital Market Committee of the Chinese Chamber of

Commerce & Industry of Kuala Lumpur & Selangor (KLSCCCI).

Chin Chee Seong is

also a National Vice President of SME Association of Malaysia, National President of the Malaysia Cross Boarder e-Commerce Association

and Deputy Chairman of the Financial and Capital Market Committee of the Chinese Chamber of Commerce & Industry of Kuala Lumpur

& Selangor (KLSCCCI).

Chin Chee Seong served as a technical engineer/technical manager of Seniko Sdn.

141 unchanged sentences

Our directors and executive officers may receive stock options at the discretion of our board of directors in the future.

do not have any material bonus or profit sharing plans pursuant to which cash or non-cash compensation is or may be paid to

our directors or executive officers, except that stock options may be granted at the discretion of our board of directors

from time to time.

We have no plans or arrangements in respect of remuneration received or that may be received by our

executive officers to compensate such officers in the event of termination of employment (as a result of resignation,

retirement, change of control) or a change of responsibilities following a change of control.

not have any material bonus or profit sharing plans pursuant to which cash or non-cash compensation is or may be paid to our directors

or executive officers, except that stock options may be granted at the discretion of our board of directors from time to time.

We have no plans or arrangements in respect of remuneration received or that may be received by our executive officers to compensate

such officers in the event of termination of employment (as a result of resignation, retirement, change of control) or a change

of responsibilities following a change of control.

Option Grants

31 unchanged sentences

executive officers and directors of the Company as a group:

and Address of Beneficial Owner

of Common Stock Beneficially Owned

Stock Voting Percentage Beneficially Owned

Voting Percentage Beneficially Owned

Officers and Directors

Chin Chee Seong, Chief

Executive Officer, President, Secretary, Treasurer and Director

Seah Kok Wah, Chief Investment Officer,

All of executive

officers and director as a group

Name and Address of Beneficial Owner

Shares of Common Stock Beneficially Owned

Common Stock Voting Percentage Beneficially Owned

Total Voting Percentage Beneficially Owned

Executive Officers and Directors

Chin Chee Seong, Chief Executive Officer, President, Secretary, Treasurer and Director

Seah Kok Wah, Chief Investment Officer, Director

All of executive officers and director as a group

5% or greater shareholders (excluding officers/directors)

Greenpro Asia Strategic

Greenpro Venture Capital

Greenpro Asia Strategic SPC 1

Greenpro Venture Capital Limited 2

STVC Talent Sdn Bhd 3

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In addition, shares are deemed to be beneficially owned by a person if the person has the right to acquire shares

(for example, upon exercise of an option or warrant) within 60 days of the date as of which the information is provided.

the percentage ownership of any person, the amount of shares is deemed to include the amount of shares beneficially owned by such

person by reason of such acquisition rights.

As a result, the percentage of outstanding shares of any person as shown in the following

table does not necessarily reflect the person’s actual voting power at any particular date.

(for example, upon exercise of a n option or warrant) within 60 days of the date as of which

the information is provided.

In computing the percentage ownership of any person, the amount of shares is deemed to include the

amount of shares beneficially owned by such person by reason of such acquisition rights.

As a result, the percentage of outstanding

shares of any person as shown in the following table does not necessarily reflect the person’s actual voting power at any

particular date.

ownership is determined in accordance with the rules of the Securities and Exchange Commission and generally includes voting

23 unchanged sentences

the “Malaysia Company”), a company incorporated in Labuan, Malaysia.

December 21, 2018, SEATech Ventures Corp, a Malaysia Company acquired SEATech Ventures (HK) Limited (herein referred as the

“Hong Kong Company”), a company incorporated in Hong Kong.

December 21, 2018, SEATech Ventures Corp, a Malaysia Company acquired SEATech Ventures (HK) Limited (herein referred as the “Hong

Kong Company”), a company incorporated in Hong Kong.

May 14, 2018, the Company issued 20,000,000 shares of restricted common stock to both Mr.

26 unchanged sentences

the year ended December 31, 2020 the Company has following transactions with related parties:

the year ended

For the year ended

December 31, 2020

the year ended

For the year ended

December 31, 2019

2 unchanged sentences

Professional Fees

- Related party

- Related party A

Cost of Sales

9 unchanged sentences

two fiscal years.

the Year Ended

For the Year Ended

December 31, 2020

the Year Ended

For the Year Ended

December 31, 2019

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pages of this Report:

of Independent Registered Public Accounting Firm

Balance Sheets

Statements of Operations

Statements of Stockholders’

Statements of Cash Flows

to Consolidated Financial Statements

Report of Independent Registered Public Accounting Firm

Consolidated Balance Sheets

Consolidated Statements of Operations

Consolidated Statements of Stockholders’

Consolidated Statements of Cash Flows

Notes to Consolidated Financial Statements

following exhibits are filed or “furnished”

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Filed herewith.

** As filed in the

Registrant’s Registration Statement on Form S-1 Amendment No.2 (File No.

333-230479) on May 30, 2019.

As filed in the Registrant’s Registration Statement on Form S-1 Amendment No.8 (File No.

333-228847) on April 30, 2019.

to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf

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TO FINANCIAL STATEMENTS

of Independent Registered Public Accounting Firm

Balance Sheets

Statements of Operations and Comprehensive Loss

Statements of Changes in Stockholders’

Statements of Cash Flows

to Consolidated Financial Statements

ASIA ASSOCIATES PLT

& LLP0016837-LCA)

Firm registered with US PCAOB and Malaysian MIA

C-3-1, Megan Avenue 1, 189, Off Jalan Tun Razak,

Kuala Lumpur, Malaysia.

(603) 2733 9989

Report of Independent Registered Public Accounting Firm

Consolidated Balance Sheets

Consolidated Statements of Operations and Comprehensive Loss

Consolidated Statements of Changes in Stockholders’

Consolidated Statements of Cash Flows

Notes to Consolidated Financial Statements

OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

the Shareholders and Board of Directors of SEATech Ventures Corp.

Board of Directors and Stockholders of SEATech Ventures

2708-09, 27/F, The Metropolis Tower,

1 unchanged sentence

on the Financial Statements

have audited the accompanying consolidated balance sheets of SEATech Ventures Corp.

(the ‘Company’) as of December

31, 2019 and 2018, and the related consolidated statements of income, stockholders’

equity, and cash flows for the each

of two years in the year ended of December 31, 2019 and 2018, and the related notes (collectively referred to as the “financial

statements”).

In our opinion, the financial statements present fairly, in all material respects, the financial position

of the Company as at December 31, 2019 and 2018, and the results of its operations and its cash flows for each of two years in

the year ended December 31, 2019 and 2018, in conformity with accounting principles generally accepted in the United States of

We have audited the accompanying consolidated balance

sheets of SEATech Ventures Corp.

(the ‘Company’) as of December 31, 2020 and 2019, and the related consolidated statements

of operations and comprehensive income, stockholders’

equity, and cash flows for the each of two years in the year

ended of December 31, 2020 and 2019, and the related notes (collectively referred to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of

December 31, 2020 and 2019, and the results of its operations and its cash flows for each of two years in the year ended

December 31, 2020 and 2019, in conformity with accounting principles generally accepted in the United States of America.

financial statements have been prepared assuming that the Company will continue as a going concern.

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Accordingly, we express no such opinion.

audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to

error or fraud, and performing procedures that respond to those risks.

Such procedures included examining, on a test basis, evidence

regarding the amounts and disclosures in the financial statements.

Our audits also included evaluating the accounting principles

used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that our audits provide a reasonable basis for our opinion.

audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error

or fraud, and performing procedures that respond to those risks.

Such procedures included examining, on a test basis, evidence regarding

the amounts and disclosures in the financial statements.

Our audits also included evaluating the accounting principles used and significant

estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

that our audits provide a reasonable basis for our opinion.

JP CENTURION & PARTNERS PLT

CENTURION & PARTNERS PLT

have served as the Company’s auditor since 2020.

Total Asia Associates PLT

ASIA ASSOCIATES PLT

Lumpur, Malaysia

March 30, 2021

VENTURES CORP.

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expressed in United States Dollars (“US$”), except for number of shares)

of December 31,

As of December 31,

CURRENT ASSETS

Deposits paid, prepayments and other receivables

Account receivables

and cash equivalents

Total current

Cash and cash equivalents

Total current assets

NON-CURRENT ASSETS

Investment in

other companies

Total non-current

Investment in other companies

Total non-current assets

LIABILITIES AND STOCKHOLDERS’

CURRENT LIABILITIES

Other payables and

accrued liabilities

Amounts due to director

Total current

Account payable

Other payables and accrued liabilities

Amounts due to a director

Total current liabilities

TOTAL LIABILITIES

STOCKHOLDERS’

Preferred shares,

$0.0001 par value;

Preferred shares, $0.0001 par value;

200,000,000 shares authorized;

None issued and outstanding

Common stock, $0.0001 par value, 600,000,000

shares authorized, 92,176,667 and 92,176,667 shares issued and outstanding as of December 31, 2019 and 2018 respectively

Additional paid-in

Accumulated other

comprehensive income

Common stock, $0.0001 par value, 600,000,000 shares authorized, 92,519,867 and 92,176,667 shares issued and outstanding as of December 31, 2020 and 2019 respectively

Additional paid-in capital

Accumulated other comprehensive loss

Accumulated deficit

TOTAL STOCKHOLDERS’

LIABILITIES AND STOCKHOLDERS’

TOTAL LIABILITIES AND STOCKHOLDERS’

accompanying notes to consolidated financial statements.

3 unchanged sentences

expressed in United States Dollars (“US$”), except for number of shares)

the year ended

For the year ended

December 31, 2020

the year ended

December 31, 2018 (Audited)

For the year ended

December 31, 2019

COST OF REVENUE

SELLING AND DISTRIBUTION EXPENSES

GENERAL AND ADMINISTRATIVE

GENERAL AND ADMINISTRATIVE EXPENSES

LOSS BEFORE INCOME TAX

Net Loss attributable to Non-Controlling

INCOME TAXES PROVISION

Other comprehensive income/(loss):

- Foreign exchange

adjustment gain/(loss)

COMPREHENSIVE

share- Basic and diluted

Weighted average

number of common shares outstanding - Basic and diluted

- Foreign exchange adjustment gain/(loss)

COMPREHENSIVE LOSS

Net loss per share- Basic and diluted

Weighted average number of common shares outstanding - Basic and diluted

accompanying notes to consolidated financial statements.

3 unchanged sentences

expressed in United States Dollars (“US$”), except for number of shares)

COMPREHENSIVE

Balance as of April 2, 2018 (inception)

Issuance of share capital - founder’s shares

Share issued in private placement completed

on September 07, 2018 at $0.10 per share

Shares issued in private placement completed

on September 12, 2018 at $0.15 per share

Shares issued in private placement completed

on November 29, 2018 at $0.20 per share

Foreign currency translation loss

COMMON SHARES

ACCUMULATED OTHER

Number of Shares

PAID-IN CAPITAL

COMPREHENSIVE INCOME

Balance as of January 01, 2019

Balance as of December 31, 2019

Share issued in initial public offering completed on May 04, 2020 at $1.00 per share

Balance as of December 31, 2020

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expressed in United States Dollars (“US$”))

the year ended

For the year ended

December 31, 2020

the year ended

For the year ended

December 31, 2019 (Audited)

CASH FLOWS FROM OPERATING

CASH FLOWS FROM OPERATING ACTIVITIES:

Adjustments to reconcile net loss to net cash used in operating activities:

Changes in operating assets and liabilities:

Accounts receivable

Amount due to a

Other payables and

accrued liabilities

Net cash used in

operating activities

Accounts payable

Amount due to a director

Other payables and accrued liabilities

Net cash used in operating activities

CASH FLOW FROM INVESTING ACTIVITIES:

Investment in

other companies

Net cash used

in investing activities

CASH FLOWS FROM FINANCING

Issuance of share capital at par value

subscriptions receipts in advance

Net cash provided

by financing activities

Effect of exchange rate changes on cash

and cash equivalents

Investment in other companies

Net cash used in investing activities

CASH FLOWS FROM FINANCING ACTIVITIES:

Share subscriptions receipts

Net cash provided by financing activities

Effect of exchange rate changes on cash and cash equivalents

Net change in cash and cash equivalents

Cash and cash

equivalents, beginning of year

AND CASH EQUIVALENTS, END OF YEAR

SUPPLEMENTAL CASH

FLOWS INFORMATION

Cash and cash equivalents, beginning of year

CASH AND CASH EQUIVALENTS, END OF YEAR

SUPPLEMENTAL CASH FLOWS INFORMATION

Income taxes paid

Interest paid

accompanying notes to consolidated financial statements.

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of the Company’s subsidiary:

incorporation

of issued capital

of ownership interest and voting power held

Place and date

of incorporation

Particulars of issued capital

Principal activities

Proportional of ownership interest and voting power held

SEATech Ventures Corp

Labuan / or March 12, 2018

Labuan / March 12, 2018

100 share of ordinary share of US$1 each

1 unchanged sentence

SEATech Ventures (HK) Limited

Hong Kong/ January 30, 2018

January 30, 2018

1 ordinary share

Business mentoring, nurturing and incubation,

and corporate development advisory services

VENTURES CORP.

TO CONSOLIDATED FINANCIAL STATEMENTS

THE YEARS ENDED DECEMBER 31, 2019 AND 2018

expressed in United States Dollars (“US$”), except for number of shares)

Business mentoring, nurturing and incubation, and corporate development advisory services

Ventures Corp.

1 unchanged sentence

and corporate development advisory services to entrepreneurs in the broader technology industry, but with a specific focus on

the information and communication technology industry.

The company also provides corporate event and roadshow services to our

We will primarily focus our efforts on nurturing ICT entrepreneurs in Asia.

Our advisory services will center on our

“ICT Start-Up Mentorship Program”, which is designed to assist tech-based entrepreneurs in solving ICT industry pain

points caused by technical insufficiencies, inappropriate financial modelling and weak strategic positioning within a competitive

The program aims to improve the technical exposure of our clients and to improve their sustainability in the ICT

industry community through a combination of mentorship programs.

Currently, our clients are mainly Malaysia based ICT companies,

with others based in Indonesia and Thailand.

the information and communication technology industry .We will primarily focus our efforts on nurturing ICT entrepreneurs in Asia.

Our advisory services will center on our “ICT Start-Up Mentorship Program”, which is designed to assist tech-based

entrepreneurs in solving ICT industry pain points caused by technical insufficiencies, inappropriate financial modelling and weak

strategic positioning within a competitive environment.

The program aims to improve the technical exposure of our clients and

to improve their sustainability in the ICT industry community through a combination of mentorship programs.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

13 unchanged sentences

All inter-company accounts and transactions have been eliminated upon consolidation.

VENTURES CORP.

TO CONSOLIDATED FINANCIAL STATEMENTS

THE YEARS ENDED DECEMBER 31, 2019 AND 2018

expressed in United States Dollars (“US$”), except for number of shares)

uses estimates and assumptions in preparing these financial statements in accordance with US GAAP.

3 unchanged sentences

Actual results may differ from these estimates.

accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”)

Topic 605, “Revenue Recognition”, the Company recognizes revenue from sales of goods when the following four revenue

criteria are met:

(1) persuasive evidence of an arrangement exists;

(2) delivery has occurred;

(3) selling price is fixed or determinable;

and (4) collectability is reasonably assured.

In accordance with Financial Accounting

Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts .

ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of contracts,

which includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance

obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price

to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied.

Company only applies the five-step model to contracts when it is probable that the Company will collect the

consideration it is entitled to in exchange for the services it transfers to its clients.

is measured at the fair value of the consideration received or receivable, net of discounts and taxes applicable to the revenue.

22 unchanged sentences

As reflected in the accompanying financial statements,

for the year ended December 31, 2019, the Company incurred a net loss of $219,544.

These factors raise substantial doubt about

the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued.

The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going

for the year ended December 31, 2020, the Company incurred a net loss of $107,186 and negative operating cash flow of 401,710.

These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of

the date that the financial statements are issued.

The financial statements do not include any adjustments that might be necessary

if the Company is unable to continue as a going concern.

Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial

support from its shareholders.

Management believes the existing shareholders or external financing will provide the additional

cash to meet the Company’s obligations as they become due.

No assurance can be given that any future financing, if needed,

will be available or, if available, that it will be on terms that are satisfactory to the Company.

Even if the Company is able

to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing,

support from its major shareholders.

Management believes the existing shareholders or external financing will provide the

additional cash to meet the Company’s obligations as they become due.

No assurance can be given that any future financing,

if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company.

Even if the Company

is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing,

or cause substantial dilution for its stock holders, in the case of equity financing.

12 unchanged sentences

currencies translation

The reporting currency of the Company and

its subsidiaries in Labuan and Hong Kong are United States Dollars (“US$”), being the primary currency of the economic

environment in which these entities operate.

denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates

4 unchanged sentences

exchange differences are recorded in the statements of operations.

reporting currency of the Company is United States Dollars (“US$”).

The Company’s subsidiary in Labuan and Hong

Kong maintains its books and record in United States Dollars (“US$”) respectively, and Ringgits Malaysia (“RM”)

is functional currency as being the primary currency of the economic environment in which the entity operates.

general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not the US$ are translated

7 unchanged sentences

of amounts from RM into US$1 and HK$ into US$1 has been made at the following exchange rates for the respective periods:

of and for the year ended December 31,

As of and for the year ended December 31,

Year-end RM :

US$1 exchange

US$1 exchange rate

Year-average RM :

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accounting pronouncements

issues various Accounting Standards Updates relating to the treatment and recording of certain accounting transactions.

10, 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No.

2014-10, Development Stage Entities

(Topic 915) Elimination of Certain Financial Reporting Requirements, including an Amendment to Variable Interest Entities Guidance

in Topic 810, Consolidation, which eliminates the concept of a development stage entity (DSE) entirely from current accounting

The Company has elected adoption of this standard, which eliminates the designation of DSEs and the requirement to disclose

results of operations and cash flows since inception.

Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption

of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.

In February 2016, the FASB issued ASU 2016-02,

“Leases (Topic 842),”

to increase transparency and comparability among organizations by recognizing lease assets and

lease liabilities on the balance sheet and disclosing key information about leasing arrangements.

Most prominent among the amendments

is the recognition of assets and liabilities by lessees for those leases classified as operating leases under current U.S.

ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years.

As required by the standard, the Company will adopt the provisions of the new standard effective November 1, 2019, using the required

modified retrospective approach.

We believe the adoption will not have a material impact on our financial statements.

VENTURES CORP.

24 unchanged sentences

The total proceeds to the Company amounted to a total of $70,000.

October 1, 2019 to December 31, 2019, the company has received US$291,300 from 62 non-US residents for the subscription

of 291,300 shares of common stock of the company at a price of $1.00 through the Initial Public Offering (IPO).

of March 27, 2020, the company has yet to allot the shares to the investors, and the proceed is recorded as subscription

received in advance.

of December 31, 2019, SEATech Ventures Corp has an issued and outstanding common share of 92,176,667.

between September 21, 2018 and November 29, 2018, the Company sold shares to 44 shareholders, of whom reside in Malaysia.

of 860,000 shares of restricted common stock were sold at a price of $0.20 per share.

The total proceeds to the Company amounted

to a total of $172,000.

June 12, 2019 to May 4, 2020, the company issued 343,200 shares of common stock at a price of $1.00 per share through the Initial

Public Offering (IPO) to 70 non-US residents.

of December 31, 2020, SEATech Ventures Corp.

has an issued and outstanding common share of 92,519,867.

VENTURES CORP.

3 unchanged sentences

INVESTMENT IN OTHER COMPANIES

Holding Corp 1

December 31, 2020

December 31, 2019

AsiaFIN Holding Corp 1

Total investment in other companies

8 unchanged sentences

OTHER PAYABLES AND ACCRUED LIABILITIES

December 31, 2020

December 31, 2019

Accrued audit fees

Accrued professional fees

Accrued expenses

Share subscriptions receipts in advance

Total payables

and accrued liabilities

Total payables and accrued liabilities

AMOUNT DUE TO A DIRECTOR

of December 31, 2019 and 2018, a director of the Company advanced $4,831, respectively to the Company, which is unsecured,

interest-free with no fixed repayment term, for working capital purpose.

of December 31, 2020 and 2019, a director of the Company advanced $1,631, respectively to the Company, which is unsecured, interest-free

with no fixed repayment term, for working capital purpose.

Imputed interest is considered insignificant.

31, 2018 (Audited)

December 31, 2020 (Audited)

December 31, 2019 (Audited)

Amount due to director

due to director

Total amount due to director

VENTURES CORP.

4 unchanged sentences

income taxes were comprised of the following:

the year ended

For the year ended

December 31, 2020

the year ended

For the year ended

December 31, 2019

1 unchanged sentence

- Foreign, representing

Loss before income

Loss before income tax

provision for income taxes consisted of the following:

the year ended

For the year ended

December 31, 2020

the year ended

For the year ended

December 31, 2019

Income tax expense

effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply

6 unchanged sentences

As of December 31,

2019, the operations in the United States of America incurred $240,111 of cumulative net operating losses which can be

carried forward indefinitely to offset a maximum of 80% future taxable income.

2020, the operations in the United States of America incurred $289,455 of cumulative net operating losses which can be carried

forward indefinitely to offset a maximum of 80% future taxable income.

The Company has provided for a full valuation allowance

of $50,423 against the deferred tax assets on the expected future tax benefits from the net operating loss carryforwards

as the management believes it is more likely than not that these assets will not be realized in the future.

of $60,785 against the deferred tax assets on the expected future tax benefits from the net operating loss carryforwards as the

management believes it is more likely than not that these assets will not be realized in the future.

the current laws of the Labuan, SEATech Ventures Corp.

15 unchanged sentences

December 31, 2019

Company Secretary Fees:

Secretary Fees:

Related party A

Professional Fees

- Related party

Cost of Sales

Related party A

Related party B

Related party A

related party A, through its wholly owned subsidiaries is a 42.36% shareholder of the Company.

Related party B

represents company where the Company owns 13.80% percentage of the company.

CONCENTRATIONS OF RISKS

Major customers

the year ended December 31, 2020, the customers who accounted for 10% or more of the Company’s revenues and its accounts

receivable balance at year-end are presented as follows:

For the year ended December

Percentage of Revenues

Accounts Receivable, Trade

Major vendors

the year ended December 31, 2020, the vendors who accounted for 10% or more of the Company’s purchases and its accounts

payable balance at year-end are presented as follows:

For the year ended December

Percentage of Purchases

Account Payable, Trade

instruments that are potentially subject to credit risk consist principally of accounts receivable.

The Company believes the concentration

of credit risk in its trade receivables is substantially mitigated by its ongoing credit evaluation process and relatively short

collection terms.

The Company does not generally require collateral from customers.

The Company evaluates the need for an allowance

for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information.

the fiscal year, the World Health Organization declared the Coronavirus (COVID-19) outbreak to be a pandemic, which has caused

severe global social and economic disruptions and uncertainties, including markets where the Company operates.

Company considers this outbreak as non-adjusting-events.

The consequences brought about by Covid-19 continue to evolve and whilst

the Company actively monitoring and managing its operations to respond to these changes, the Company does not consider it practicable

to provide any quantitative estimate on the potential impact it may have on the Company.

SUBSEQUENT EVENTS

accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure

of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events

or transactions that occurred after December 31, 2019 up through the date March 27, 2020 was the Company presented these

audited consolidated financial statements.

January 6, 2020 to January 30, 2020, the Company received US$38,300 from 5 investors, being the subscription for 38,300 of

the company’s common shares during the Initial Public Offering (IPO) stage.

During the financial year 2019,

SEATech Ventures Corp has received US$291,300 from 62 nom-US investors through the company’s IPO for the subscription of

291,300 common shares.

The IPO process of the company is currently still ongoing and has yet to be closed.

As of December

31, 2019, the subscribed shares have yet to be allotted to the investors, and the proceed is recorded

as subscriptions received in advance in the balance sheet.

In accordance with ASC Topic 855, “

Events ”, which establishes general standards of accounting for and disclosure of events that occur after the balance

sheet date but before financial statements are issued, the Company has evaluated all subsequent events through the filing date

of this Form 10-K with the SEC, to ensure that this filing includes appropriate disclosure of events both recognized in the financial

statements as of December 31, 2020, and events which occurred subsequently but were not recognized in the financial statements.

During the year, there was no subsequent event that required recognition or disclosure.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 9A. Controls and Procedures